Quote:
Originally Posted by Flames09
Okay I hate bringing up old threads but I need to ask. I've gotten myself into just under $5000 in debt (on credit cards) and I would like to consolidate my debt. Question is because I'm in school, and have $5000 in debt, and have a current student loan, the bank won't give me a consolidation loan. Do I have any other options??
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Please don't take this like some kind of holier than thou retort... I've been where you are.
$5000 is not much debt. If you want to do anything at this point, find a way to pay it off without help. You'll learn some fine money management skills.
It may seem like an insurmountable task, but five grand can be paid off pretty quickly if you apply yourself. Minimum payments wont get it done (as I'm sure you've already realized, hence the investigation into consolidation). But consolidation doesn't help you all that much. Only unless the consolidation cancels the cards you're spending on. If your loan pays out the cards, but then you have a clear balance on all of them, it wont be long before you're $10,000 in debt.
I learned this lesson. I had a $1000 debt on a visa card when I was 18. Then MC sent me a card with a $3000 limit and enticed me to put my visa balance on the MC. Oh, I did that... Then I spent my visa again, bit by bit.
Find a part time job that you hate. The more you hate it, the less you'll want to be in debt. This is a lesson you'll only ever have to learn once.